WASHINGTON: President Joe Biden said on Thursday he is confident Congress will pass a mammoth middle class spending plan that can"change the trajectory" of the United States.
Biden also argued for a series of tax increases aimed at corporations and the very wealthy, saying that loopholes allow America's richest entities and individuals to end up paying almost no income tax. The US$3.5 trillion social spending package would come on top of an approximately US$1 trillion infrastructure plan for things like roads and bridges.
A big domestic win would also help resuscitate his presidency, which after a strong start looks bogged down by the Afghanistan fallout, a complicated economic recovery after COVID-19 shutdowns, and a resurgence of the pandemic thanks to the Delta variant of the coronavirus. With Democrats unable to afford losing a single vote in the 50-50 Senate and little more than that in the almost equally tight House of Representatives, Biden's entire agenda hangs in the balance.
The administration on Thursday also touted a letter of support signed by 15 Nobel economics prize winners who say his social spending plan will promote"success in the 21st century".They not only refuse to countenance the multi-trillion-dollar package but sense a chance to deal the Biden presidency a severe blow ahead of next year's polls, when they hope to take control of Congress.
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